Probate Sales Activity Report July 2016

This probate sales activity report includes probate sales in Santa Clara County. This report is comprised of statistical data from July 1st through July 31st 2016 extracted from our local Multiple Listing Service (“MLS”) as of August 1, 2016. The data includes single family homes, condominiums & townhouses.

Probate Sales Activity July 2016

16 Active Probate Properties for Sale

12 Pending Sales (Under Contract)

11 Sold Probate Homes

Average List Price: $929,662

Average Sale Price: $908,086

Average Sale Price to List Price: 101.0%

Average Days on Market: 46

6 of the Active properties, 1 Pending Sale, and 3 of the homes sold were in the City of San Jose.

Looking at “averages” only gives us a snapshot of the entire market. Home prices vary all throughout San Jose and the entire Silicon Valley area. The location and condition of a home will always impact value. There is a wide variance in the list prices. The lowest priced home is $324,900. The highest priced home is $3,800,000.

Probate sales are not created equal. Personal Representatives, if granted by the Probate Court, may operate under the Independent Administration of Estates Act (“IAEA”) with full authority and sell a home on behalf of the estate without court confirmation provided there are no “objections” to the proposed sale. There is a probate process that must be followed.

If a Personal Representative is not granted full authority by the court then a probate sale requires court confirmation which may involve an overbid process.

Some probate real estate sales are managed by the Santa Clara County Public Administrator. The listing agent for the estate manages listing and marketing the home for sale under the direction of the Public Administrator. This process may involve the use of specific court approved documents and submitting a bid in a sealed envelope directly to the Office of the Public Administrator of Santa Clara County. A bid due date is published. Properties generally go to the highest bidder. The process may involve Court confirmation and the possibility of someone else over-bidding at the confirmation hearing.

While many aspects of a probate sale may be similar to a non-probate sale of real property, a Personal Representative is well advised to seek a qualified real estate agent to represent them in the sale of a probate homes. We live in a highly specialized world today. Hiring a Certified Probate Agent is just as important as hiring an attorney who specializes in probate.

If you need a probate attorney I am happy to recommend one. If you already have an attorney and simply need help with selling probate real estate then give me a call. I may be reached at my office 408.972.1822 or on my cell at 408.499.8751. If you prefer, you may request a consultation.

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